Is starting a business worth it? Are you second-guessing your decision to start a business?
It’s common to feel confused when you’re about to make a life-changing decision such as this.
This is because of the several controversies surrounding business and entrepreneurship generally.
Often, you hear things like;
- Business isn’t for the faint-hearted.
- Entrepreneurship is risky.
- 85% of most new businesses fail within the first few years.
- Some entrepreneurs struggle with depression and burnout, among many things.
As such, you feel discouraged and doubt your decision to start a business.
These speculations have proved to be true over the years.
However, that’s not all there is to business and entrepreneurship.
Bottom line, if you’re finding it difficult to decide if entrepreneurship is right for you, stick with us as we delve deeper into this topic and answer all your questions.
But first, here’s a little introduction to what business is all about.
A Brief Introduction Into The Concept of Business
Generally, it’s common knowledge that business involves buying and selling.
However, here’s a proper definition of what business is all about.
A business is an organization or entity engaged in commercial activities to provide goods and services to a defined market.
Now, a business entity can be established for-profit or non-profit.
However, regardless of the purpose of establishing a business, there are five key components of every business.
- A feasible idea
- A unique product/service
- Target market
- The business owner/team
Of course, there are other key elements of a business entity.
However, starting a business will be quite impossible without these five components.
Speaking of starting a business, if you’re still wondering if starting a business is worth it, here are several reasons why it is.
10 Genuine Reasons Why Starting A Business Is Worth It- The Perks Of Owning A Business
1. It Offers Your Freedom From Fixed Working Hours/Schedules
Let’s face it; not everyone likes the idea of sitting down in the office for hours or commuting every day to work.
Although some love the life of an everyday office worker or 9 to 5 jobs, however, for some, it can be boring and exhausting.
So, if you find you belong to the category of people who crave the freedom of time, starting a business will be worth it for you.
This is because owning your business will give you the freedom to fix your working hours/schedules.
Specifically, you can work when you feel most productive and engage in other activities/interests for the rest of the day.
Also, depending on the nature of your business, especially online business, you can work from anywhere.
Thus eliminating the need to commute to work daily.
So, if this sounds like the kind of life you want, then it’s more than worth it to start a business.
2. The Possibility Of Higher Financial Gain
Undoubtedly, some jobs pay in six figures and even higher.
Even then, not many people get paid their worth in many corporate organizations.
However, you can charge your worth for your products and services with a business of your own.
More so, there’s no cap on how much profits you can make in business.
To put it clearly, you can earn as much as possible from your products/services depending on the efforts you put into the business.
So, for this reason, starting a business is worth it.
3. It Affords You The Opportunity To Offer Value And Make A Greater Impact
This is another reason why starting a business is a step in the right direction.
Business is about adding value to people’s lives and solving their problems with your products/services.
In addition to that, building a business will help you create job opportunities, depending on the business structure.
Therefore, as a business owner, you’ll, directly and indirectly, impact lives positively.
Overall, if you have a brilliant idea that will add value to people’s lives and solve their problems, it’s worth taking a shot at it and starting a business.
4. You’ll Be The Boss Of Your Life- Why It’s Worth It To Start A Business
Working a full-time job means others will control your earnings and time.
For instance, you’re told what time to resume/close work.
Also, you don’t get paid until the end of the month.
In most cases, your entire life revolves around the job.
However, you can drastically turn this around by simply owning a business.
As a business owner, you decide when to start or stop work.
Also, you decide how much to pay yourself and when.
More importantly, you can take full control of your life and make as much money as possible.
5. It Offers You The Opportunity To Follow Your Passion And Make Money While At It
This is another genuine reason why starting a business is worth it.
Research reveals that only 15% of people are happy in their jobs, leaving 85% of people stuck in jobs they hate.
Sadly, many people stay in jobs they dislike to pay their bills and the security of a stable income it offers.
As such, they end up living dissatisfied and unfulfilled lives.
So, if you’re passionate about something, you can pursue your passion and turn it into a business.
This will bring better fulfillment and happiness than sticking with a job you hate.
6. You’ll Enjoy A Better Work-life Balance
Starting a business will also offer you a better work-life balance.
Granted, the first few years in business can be demanding.
You’ll have to give it your all to get your business off the ground successfully.
However, when the business becomes stable, you can begin to reap the rewards of being a business owner that a full-time job will rarely offer you.
For instance, as a female entrepreneur and mom, you can create more time for your family and still run your business as opposed to being a full-time working mom.
Similarly, as a dad and an entrepreneur, you can be there for your family and easily create time to go on a family vacation compared to when you do a full-time job.
If these are your desire as a parent or intending parent, starting a business is worth it.
7. You’ll Evolve As A Person
There are so many business experiences that will shape you and change your perspective on things.
You’ll have to deal with certain challenges that may leave a mental scar on you.
Nevertheless, by overcoming these challenges, you’ll learn valuable life and business lessons that’ll make you a better person.
Overall, in business, you’ll learn perseverance, tolerance, management, decision-making, and other relevant skills.
8. It Allows You To Create Better Financial Future For You And Your Loved Ones
Another reason why starting a business is worth it is because of the financial independence it affords you.
With a business, it’s highly possible to build wealth.
This is because, in business, there’s no limit to your earning potential.
However, we can’t say the same for a salary job.
Depending on the nature of your business, it’s easy to earn several years’ savings from your full-time job in a single business deal.
More so, you could easily pass on your thriving business to your offspring.
However, you can’t transfer a job to your children.
So, if you wish to ensure financial security for your children and loved ones, starting a business will be your best chance at achieving it.
9. Starting A Business Provides Opportunity For Innovation
Starting a business will be worth it for you if you have a creative mind.
If you have all these innovative ideas that can positively change lives, but no one seems to be listening to you, starting a business will allow you to bring these ideas to life.
Granted, some organizations give room for employees to share their ideas.
Sadly, sometimes these ideas may be shoved aside simply because they don’t think it’s great or it doesn’t fit into the business goals.
However, starting a business gives you the freedom to turn your small crazy idea into a million-dollar business empire like the likes of Jeff Bezons, Mark Zuckerberg, Bill Gates, and others.
10. It Leads To A Happy And A Fulfilling Life
Imagine doing what you’re passionate about and making money from it.
Also, imagine you being there for your family/loved ones emotionally, physically, and financially.
These can lead to a greater sense of fulfillment and happiness that you can’t get from being stuck in a job you hate or that pays you lesser than what you’re worth.
For this, starting a business is worth it.
Now, does this mean business is all a bed of roses?
Of course, there are downsides to starting a business.
5 Challenges You’ll Encounter In Business- The Downsides
One thing is certain in business, and that is that you’ll have competitors.
Depending on the niche/industry, the competition can be stiff or minimal.
However, you don’t need to be frightened by the competition.
All you need is to stay focused on running your business and being unique in your niche.
Money is also one of the primary issues that many business owners struggle with.
These money issues could be getting capital to start up, funding business operations, and ensuring proper cash-flow management.
This is usually a major challenge because no business can function without finances.
Marketing is also another major challenge in business.
Not many business owners know how to promote their products/services.
Due to this, you often find them struggling to make sales in business.
Changing Customer Needs/Demands
Business owners also struggle to keep up with changing customers’ needs so that their business doesn’t become outdated.
This can be a real struggle because new trends are always coming up.
So, they need to constantly be on top of their game to ensure that they flow with the trends.
Fatigue & Burnout
Business owners also struggle with fatigue and burnout, especially at the early stages of the business.
They may need to play multiple roles in the business to ensure smooth business operations pending when they can hire someone to take the role.
Also, they may need to work longer hours to meet tight deadlines and schedules.
Overall, these are some of the challenges that anyone starting a business will have to deal with.
The good thing about them is that they can be overcome.
It may not be easy, but these are certainly challenges that can be solved.
Now, you’re sure starting a business is worth it, seeing that the benefits outweigh the challenges.
However, it’s not enough to say you want to start a business because of the benefits it offers.
You need to be sure you’re ready to commit to this life-long journey.
So, before you take the first steps to start your business, here are a few important questions to ask yourself to determine if you’re ready.
The 6 Important Questions To Ask Yourself Before Starting A Business
Am I Ready For The Lifestyle Changes I Have To Make?
Quitting your job and starting a business means leaving the life of an employee and moving on to become an entrepreneur.
This means a lot, some of which include;
- You’ll be solely responsible for your earning potential.
- You’ll also be the major decision-maker in your career.
- It also means you’ll have to be more strategic and analytic in your dealings.
- More importantly, you’ll be stepping into a leadership role.
Making all of these changes at once can be a little bit overwhelming.
This is why even while asking if it’s worth it to start a business, you need to ask yourself this question even as you decide to start a business.
Is There A Ready Market For The Product/Service I Plan To Offer?
You have a great and innovative idea.
But, that’s only part of what it takes to start a business.
Without a target market, even the most brilliant business idea would fail.
Hence the need to ask this question.
If there’s no market to sell your products and services to, how do you plan on making sales in the business?
This is why you need to be sure that there’s a market ready to accept your products/services before starting a business.
One of the surest ways to find the answer to this question is through in-depth research and analysis of the marketplace.
Researching the marketplace will;
- Help you identify your ideal clients (people who need your products and services).
- Help you know well acquainted they are with the product/service you’re bringing into the market.
- Reveal what other products/services are already in the marketplace and how you can make yours stand out.
- Reveal important demographic details of your target audience that can help you better understand their buying habits.
- And more.
Am I Ready To Work Long & Hard Consistently Without Seeing Instant Results In The First Few Months/Years?
As you get ready to start a business, one bitter pill you’ll have to swallow is that business is hard.
Achieving business success requires consistent efforts in the right direction.
It may take a few years to see any significant growth in business for some.
On the other hand, it may take longer than expected.
Only those who preserve until the end enjoy the reward of their hard work.
So, you need to be sure you have the mental agility to withstand these trying times in business before you get started.
What’s My Purpose For Starting A Business?
Defining your purpose for starting a business will help you have a clear sense of direction in your entrepreneurial journey.
Also, it will help you remain focused regardless of your experience.
It will also help you know the right people (team) to bring on board with you in your journey.
More importantly, it will help you identify the right steps to achieve it.
Am I Ready To Give It My All?
You must have realized that starting a business requires 100% commitment and dedication.
So, you need to ask yourself if you’re ready to give your business all it takes to succeed.
Are you willing to work long hours on certain days?
Are you willing to deny yourself certain luxuries for your business goals?
These and more are some of the sacrifices you’ll have to make as a business owner.
Am I Willing To Bear The Risk?
Indeed, there are risks in business.
There’s the risk of not succeeding in your business endeavors.
Also, there’s the risk of making a wrong business decision and losing money.
There are also the risks of economic conditions and unforeseen circumstances affecting your business negatively.
Before you venture into business, you should be prepared to handle these risks.
Final Words On The Question – Is Starting A Business Worth It?
At this point, you should be clear if starting a business is worth it for you.
Clearly, starting a business requires more effort than it does working at a full-time job.
Also, it exposes you to many more risks and responsibilities than a full-time job.
However, the end benefits of building a business are much more rewarding and satisfying.
So to answer your question, is starting a business worth it?
The answer is YES!.
However, not everyone is cut out for the entrepreneurial dream.
So, if you desire to become an entrepreneur and have honestly answered the question above, take a leap of faith and pursue your dreams.
In the end, you’ll be glad you did.